In 2015, the still privately owned, family controlled Lego Group overtook Ferrari to become the world’s most powerful brand.
Yet, for this family business it has not been plain sailing and by 2003 it was in trouble, only to have their fortunes overturned to become the firm that it is today.
It has been a success in terms of manufacturing, investigating and learning and like many family firms that have survived for generations, innovation in order to remain relevant and current is vital.
From its founding in 1932 until 1998, Lego had never posted a loss. By 2003 it was in big trouble. Sales were down 30% year-on-year and it was $800m in debt. An internal report revealed it hadn’t added anything of value to its portfolio for a decade.